Coronavirus is having a very bad effect on the world economy. In such a situation, according to an agency of the United Nations, due to the impact of the economy due to corona virus, about 25 million people worldwide can lose jobs. In fact, the International Labor Organization (ILO) has speculated that due to the damage caused by Coronavirus, many people may lose their jobs in the coming time. However, the agency also believes that working under an internationally organized policy can help reduce the impact of the corona virus on worldwide unemployment.
The United Nations agency International Labor Organization (ILO) has presented a report titled “Covid-19 and the working world: Impact and action”. In this report, measures have been given about the necessary and major steps in the workplace to protect employees, help the economy and maintain income along with employment.
The International Labor Organization (ILO) states that these measures include social security, help to maintain employment (short-term work, paid leave, other subsidies), financial and tax relief for small and medium scale industries.
The ILO has said that the economic and labor crisis that has arisen due to the corona virus epidemic may result in unemployment of around 25 million people worldwide. However, the report said that the impact on global unemployment could be significantly reduced if we seriously implement internationally coordinated policy action in comparison to the crisis that occurred in 2008. In fact, due to coronavirus, there is a continuous decline in markets across the world.
So far more than 7000 people have died worldwide due to coronavirus. At the same time, more than 1.90 lakh cases have been reported worldwide. In such a situation, Coronavirus has started to push the world towards recession. This is now being seen in the Indian market as well, where rating agencies are reducing the growth rate of India. At the same time, investors are also suffering due to the ongoing ups and downs in the market. In such a situation, the question is whether India’s economy is going towards recession? However, it is difficult to answer this right now, but today we are going to tell you how much Corona has lost to India’s economy so far. Let’s take a look
Moody’s reduced rating
Rating agency Moody’s Investors Service has lowered India’s rating from 5.4 to 5.3 in view of the impact from the threat of the global recession. Moody’s reduced India’s economic growth forecast for 2020 to 5.3 percent. Indeed, Moody’s has lowered the rating due to the impact the corona virus has on the economy.
S&P reduced rating
S&P Global Ratings is also bad news for India. The agency estimates that India’s economic growth will come down to 5.2 per cent in 2020. It has also been said by S&P that the world economy is going into recession due to the coronavirus epidemic. Earlier, the agency gave India’s GDP growth rating of 5.7 percent in 2020.
The stock market continued to fall on Wednesday. By 3.04 pm, the Sensex recorded a fall of 1814.56 points where it reached 28,764.53. At the same time, the Nifty is trading 429.55 points at 8,538.50. The situation is that the market has reached a three-year low.
Investors withdraw Rs 37.97 crore
Scared of the recession due to the Corona virus, foreign institutional investors (FPII) have so far withdrawn Rs 37,97 crore from the Indian market in March. Investors have so far withdrawn Rs 24,776.36 crore from equity. At the same time, foreign investors have withdrawn Rs 13,199.54 crore from the debt market so far.
Huge loss in tourism sector
Many monuments including the Taj Mahal have been closed due to Coronavirus. In such a situation, the tourism industry has suffered more than Rs 6 crore on the first day in Agra alone. Till now, there was a loss of two and a half crores of rupees every day, but now the monuments have been completely closed for 15 days. In such a situation, there is a big loss here.